Transaction Processing

Block Inc. reached an agreement with the Consumer Financial Protection Bureau early Thursday under which it will pay up to $175 million in restitution for what the CFPB claims were sloppy and misleading fraud-prevention practices used by Block’s Cash App. Under the terms of the agreement, Cash App has agreed …

Some consumers better hope Santa Claus doesn’t read the latest fraud report from Socure, a fraud-prevention and authentication provider. It found 13% of U.S. consumers committed first-party fraud during the 2024 holiday-shopping season. Often called friendly fraud, first-party fraud occurs when a consumer exploits return and refund policies for financial …

Reuters is reporting that Apple Inc. is talking to Barclays to become the iPhone maker’s new partner for credit cards, replacing Goldman Sachs. Other financial institutions are said to be candidates as well, including Synchrony. Apple and Goldman launched the Apple card in 2019, but since then Goldman has indicated it will move …

Gateway Funnel Pros, an alternative payment gateway specialist for merchants selling high-risk, regulated, or restricted products, has launched a payment gateway and merchant-account services for WooCommerce merchants selling health and wellness products, such as supplements, that some gateway providers may consider to be high-risk products. The integration will enable WooCommerce …

Consumers with subprime or deep subprime credit scores accounted for the majority of buy now, pay later originations from 2021 to 2022, a report by the Consumer Financial Protection Bureau finds. Within those two subsets, 45% of BNPL loans during that period were taken out by consumers with deep subprime …

The U.S Faster Payments Council has released fresh guidelines to help financial institutions add send capabilities to their instant-payments functions, a component just as critical as the ability to receive fast transfers. Among the pieces of the “Guideline.02: Operational Considerations for Instant Payments Send-Side Primer” are items explaining the instant-payment …

Lightspeed Commerc Inc. launched Lightspeed Scanner, a service that lets sales associates process customers’ card transactions on an iPhone. MagTek said it is working with developer Vault to support Magtek’s DynaFlex II Go technology for mobile point-of-sale applications. Identity-verification specialist AU10TIX said its technology prevented an estimated $7.5 billion in fraud last year worldwide. …

Payments platform FreedomPay has partnered with Mastercard Inc. to provide businesses with a global payment gateway that it says streamlines sellers’ ability to connect with acquirers, enables them to accept a wider range of payment methods, and simplifies cross-border transactions. The partnership will provide access to more than 230 acquirers …

Magtek launched its Magensa Cloud Service eCommerce line of software, which it developed with PAAY, a provider of technology that authenticates consumer transactions. Payroc said it has combined its payment-processing capabilities with electric-vehicle chargers from EVMode and payment readers from UIC to offer a new EV charging platform. HTeaO, an iced-tea franchise, …

Adyen NV has introduced Uplift, an artificial intelligence-based payment optimization app that leverages data from Adyen’s processing platform to help merchants looking to boost conversions, streamline fraud management, and reduce payment costs. The app leverages data linked to global transactions on Adyen’s processing platform. The extent of payment data on …